Financial Times · Datacenter Dynamics
Virgin Media O2 to cut thousands of jobs in cost-savings push - report
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UK telecoms giant Virgin Media O2 is preparing to axe thousands of jobs as it works to slash its £22 billion ($29.55bn) debt pile.
Key facts
- Virgin Media was set to receive a cash injection of £1.1bn ($1.48bn) in return for transferring 4.6 million homes onto a network owned by Nexfibre, another UK broadband provider owned by Virgin
- However, the Competition and Markets Authority (CMA) said it could block Nexfibre's planned £2bn ($2.69bn) takeover of Netomnia, representing a significant blow for Virgin Media's full fiber goals
- UK telecoms giant Virgin Media O2 is preparing to axe thousands of jobs as it works to slash its £22 billion ($29.55bn) debt pile
- As part of that deal, Infravia, Liberty Global, and Telefónica pledged to commit £1bn ($1.35bn) in new net funding for Nexfibre to fund the transaction
Summary
As reported by Sky News over the weekend, the telco is looking into plans to cut a significant proportion of its 16,000-strong workforce in the coming months. The timing of the report comes shortly after the Financial Times reported that Virgin Media O2 was nearing a deal to use rival BT's Openreach broadband network in areas not covered by its existing network, as the company looks to scale back on planned upgrades and the expansion of its own infrastructure. Virgin Media O2 declined to comment on those reports, and has been contacted by DCD for comment on the latest reports about the proposed redundancies.